Banks continue to raise deposit rates to their highest levels in a year, with some offering rates of more than 6% per year.
Since the beginning of July, NCB, Eximbank, SeABank, VIB, BaoViet Bank, Saigonbank, VietBank, MB, BVBank and KienLong Bank have all increased deposit rates.
Currently, Ocean Bank offers the highest deposit interest rates, at 5.5% to 6.1% per annum for terms over 12 months.
ABBank also offers an interest rate of around 6% per annum for 12-month deposits, while HDBank offers the same interest rate for 18-month deposits, NCB offers an interest rate of 6.1% per annum for deposits between 18 and 36 months, and SHB offers an interest rate of 6.1% per annum for deposits of 36 months or more.
BV Bank raised interest rates on 18- to 24-month term deposits by 0.2 percentage points, joining the ranks of banks offering annual deposit rates of 6% or more.
On July 12, Kien Long Bank adjusted its deposit interest rates across all terms for the second time, significantly raising interest rates for terms of 1 to 12 months.
The interest rate on six-month deposits rose by 0.5 percentage points to a sharper 5.2 percent annual rate, while the interest rate on 12-15 months rose to a flat 5.6 percent annual rate after previously rising by 0.4-0.6 percentage points.
For short-term deposits of 1 to 3 months, Nam A Bank and OceanBank lead the way with the highest APR of 3.8%. For 6 and 9 month terms, CBBank, BAC A Bank and Nam A Bank have the highest deposit interest rates of 5% APR.
Kien Long Bank's one-to-three month interest rates increased sharply by 0.7 percentage points annually to 3.7 percent, which is not the highest market rate but a rare increase.
In contrast, VIB has bucked the general trend as the only bank to cut interest rates since early July, reducing them by 0.1 percentage point per annum on deposits between six and 11 months.
Most banks now have electronic banking applications and offer higher interest rates for online savings compared to opening a savings passbook in person at a counter or trading office.
As for online savings, banks have slightly reduced interest rates since the beginning of July, but competition continues among commercial banks to attract depositors.
HDBank leads the way with online savings interest rates of up to 6.1% per annum for a tenure of 18 months. Short-term interest rates are also very attractive at 3.25% per annum. The second highest online savings interest rate is from NCB, at 6% for a tenure of 18 months or more.